Bitcoin proponent and financial author Michael Casey, recently spoke with a media outlet about the current state of the crypto industry as well as a number of other topics related to the future of blockchain tech and the power of alt-coin payment protocols.
Starting off the interview, the reporter asked Casey whether or not the global investor community was to blame for the recent market bloodbath. In response, he swiftly noted that it wasn't the investors who got it wrong, rather the valuation models that were promoted all over the internet (in relation to crypto assets such as Bitcoin, Ethereum) that were intrinsically “flawed.”
To further elaborate on his point, Casey went on to say that cryptocurrencies and other similar technologies were initially seen as a pathway for curbing the power possessed by centralized entities. However, now, the scene has changed quite a bit and the way that we value blockchain-based assets has become similar to the way in which we asses conventional stock options.
Lastly, he also stated that the crypto market at large currently seems to be focused on making a successful exit into fiat, rather than maintaining its sovereignty and core identity. This, according to Casey is because of a lack of incentives, since most investors are only looking to procure profits from digital assets rather than treat them as long term financial alternatives.
What Does The Future Look Like For Bitcoin?
Even though Casey did not directly broach the subject of future cryptocurrency valuation, he did say that the use of assessment metrics such as ‘Network Value’ can be useful in judging the future of this still-nascent industry. To elaborate further on the concept of ‘network value’, we can see that technique helps analysts calculate the “true value” of an altcoin by taking into consideration a wide array of niche details about the currency.
Also worth noting is that last week, Fundstrat top-man Tom Lee reportedly told his core-clientele that BTC looks to be in good shape and would scale to the $13,800-$14,800 region fairly soon. And while Lee quickly faced a barrage of criticism for this call, his optimistic outlook also seems to be shared by Anthony Pompliano— who too believes that BTC is on its way back up.
Elaborating on his stance, Pomp, a former Facebook employee, said that when it is all said and done ‘Bitcoin still remains the world's most secure transaction protocol’.
In closing out this piece, it is worth pointing out that in the recent past many famous crypto analysts have stated that due to factors such as growing transaction count, falling transactions fees, it seems to be as though Bitcoin is destined to rise once again.
Last but not least, a couple of months back, ETH co-founder Joe Lubin told a respected media outlet that even though many digital currencies seem to be losing value rapidly right now, the fundamentals of the industry are “booming” quite visibly.